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the thing i'm sure of is that we got to end up with at least $4 trillion of deficit reduction. some of that's got to come from revenues. i guarantee you the white house isn't going to do a deal unless it has an increase in tax rates for part of that revenue. i'm assuming that the republicans are going to insist that there be more cuts on the health care entitlements than what's been put on the table to date. >> ifill: here's the difference between what we're seeing now and what happens when i put my house on the market. at the end of this year there will be consequences. it's unclear... in the past when these consequences or these deadlines have arisen they've just put them off. that's how we got to where we are today. are you confident, as confident that they will actually come up with a permanent solution before this deadline or that they'll just... >> we can't kick it down the road. that would be disaster. look, this is is the magic moment. we have a second-term democrat president who has put entitlements on the table with special physicianitey. we have a republican speaker
the thing i'm sure of is that we got to end up with at least $4 trillion of deficit reduction. some of that's got to come from revenues. i guarantee you the white house isn't going to do a deal unless it has an increase in tax rates for part of that revenue. i'm assuming that the republicans are going to insist that there be more cuts on the health care entitlements than what's been put on the table to date. >> ifill: here's the difference between what we're seeing now and what happens...
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Dec 9, 2012
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it's about getting the money we need in order to reduce these deficits. so you've got to have spending cuts and you've got to have some revenue to get this done. >> schieffer: let me ask senator simpson. the "new york times" crunched numbers for the tax inn creases for the wealthy and determined even if the rates go back up to the clinton-era rates it would only give us about a quarter of the needed revenue. so what other things can be done? what other taxes have to be raised or where do you get the money to get us to where we need to be? >> well, you go into the tax code, as i say, but it's going to take too much time to do that. but there is no possibility to do this, not a single economist who talked to us in our hearings, said we can't grow our way out of this thing if we had double-digit growth for 20 years. you can't cut spending your way out of this baby or you're going to are yo ruin a very fragile economy and an emerging and helpful nation and you can't tax your way out of this baby. this is impossible. and when these people zero in-- as erskine
it's about getting the money we need in order to reduce these deficits. so you've got to have spending cuts and you've got to have some revenue to get this done. >> schieffer: let me ask senator simpson. the "new york times" crunched numbers for the tax inn creases for the wealthy and determined even if the rates go back up to the clinton-era rates it would only give us about a quarter of the needed revenue. so what other things can be done? what other taxes have to be raised or...
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Dec 3, 2012
12/12
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on social security he denied any effect on the deficit at all. durbin said earlier last week social security hasn't added a dime to the dif is it. in fact, in 2012, it adds $160 billion of debt. there is more money in trust fund of social security to take care of it for 20 more years 25, more years. that means that pieces of paper in the trust fund with the treasury says we will pay you. but it doesn't have the money. it's spent the surplus in the past. that is simply a promise, from a treasury which is bankrupt. they won't touch social security. why? political implications. republicans are bad guys and they are the good guys. we don't want to balance it on back of seniors as if you are going to reform this and killing the budget. everybody agrees that is the one area where the treasury is hemorrhaging. impacting the seniors to get out of the drug company. that is absurd. the only way to attack this is to slow down the growth of healthcare. and the one area that you could really do that tort reform where a quarter of all spending in medicine is s
on social security he denied any effect on the deficit at all. durbin said earlier last week social security hasn't added a dime to the dif is it. in fact, in 2012, it adds $160 billion of debt. there is more money in trust fund of social security to take care of it for 20 more years 25, more years. that means that pieces of paper in the trust fund with the treasury says we will pay you. but it doesn't have the money. it's spent the surplus in the past. that is simply a promise, from a treasury...
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Dec 9, 2012
12/12
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WUSA
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but i think the over-hyping of deficits, the deficit mania that seized this town, is kind of crazy. i mean, i love alan simpson and erskine bowles, but they're talking about inflation at a moment when people are paying us money to invest in our treasury bonds. you know, the summer before last, when we had the debt ceiling negotiations, and everybody was saying oh, our credit is about to go down the tubes. the price of u.s. treasury bonds were going up. so the fact is that we have a problem. i'm hoping that we'll deal with it, especially, you know, the old age entitlementes, because sooner or later, you and i are going to be old enough to qualify for medicare, and we're going to at the present time to be a good system. but we i think a little rationality is called for. >> schieffer: you're saying it's not as bad as it seems. the fact of the matter swhen the bush tax cuts run out at the end of the year, when payroll tax-- whatever they call it, runs out at the end of the year, people's taxes are going to go up. they may not be a crisis for some of the upper income folk but if you're d
but i think the over-hyping of deficits, the deficit mania that seized this town, is kind of crazy. i mean, i love alan simpson and erskine bowles, but they're talking about inflation at a moment when people are paying us money to invest in our treasury bonds. you know, the summer before last, when we had the debt ceiling negotiations, and everybody was saying oh, our credit is about to go down the tubes. the price of u.s. treasury bonds were going up. so the fact is that we have a problem. i'm...
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Dec 5, 2012
12/12
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the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial spending cuts, substantial tax increases at a time when the dme is still very weak. of course that's a recipe for sliding back into recession. we set ourselves up with the land mine and the road in front of our economy which is not based on anything real, it's just based on our politicalness. >> ifill: speaking of political mess, both sides have what they say are opening gambits on the table. president obama at least his last week which calls for $1.6 trillion in revenues. the republicans came back with their own yesterday. as you look
the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial...
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Dec 4, 2012
12/12
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president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's speaker boehner who is taking a mid point on the compromise between the two sides and offered it, and it's already flatley rejected? >> i think he may be rejected, sir, if i may -- >> i'm not talking about simpson -- erskine boelsz. i'm talking about the white house's response to it. >> let's get to that too. i think what erskine bowles is saying in his statement, that this letter from speaker boehner does not represent his theory, number one, but i think the line that the white house is having problems with, and i believe i found it in page two of the speaker's letter, i'll read it to you if i can. he says this, notably
president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's...
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Dec 5, 2012
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we cannot wait to fix the deficit until we fix the health care system. -- we cannot wait to fix the deficit to fix the health care system. i think including any vat as a way to pay for health care will solve the deficit situation while allowing the flexibility to do what we need to do on health care side. >> go ahead. >> first off, let me say any tax policy should add as its foundation the purposes of creating fairness, but also growth. that is what we should try and have as our goal here, and i think simpson-bowles got it right. i feel strongly about that, that you get a much better tax policy if you reduce rates. on the vat tax, my theory, having served as governor and in the senate for a while, is all government moves left. the speed at which it moves to the left depends -- think of it as a train -- it depends on the engines on the train. the engines are revenue sources. at the federal level it is the capacity to borrow. if you put an engine of the value-added tax on any train, whether a state sales tax or a federal value-added tax, you will dramatically expand the size of the government
we cannot wait to fix the deficit until we fix the health care system. -- we cannot wait to fix the deficit to fix the health care system. i think including any vat as a way to pay for health care will solve the deficit situation while allowing the flexibility to do what we need to do on health care side. >> go ahead. >> first off, let me say any tax policy should add as its foundation the purposes of creating fairness, but also growth. that is what we should try and have as our...
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Dec 3, 2012
12/12
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the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and social security. they are facing big deficit situations. host: what motivates the creation of deductions? what about the other incentives? mortgage deduction it to encourage people to buy a home. guest: some of the deductions have been around forever, since the invention of the income tax. there has always been a deduction for interest that you paid. the government didn't think it could distinguish between mortgage interest and other kinds of interest. less interest is deductible now. some of the things are left over from the early days of the tax code. there is no magic about allowing people to d
the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and...
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Dec 10, 2012
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it all adds up to around $4 trillion worth of deficit reduction. the plan also reforms social security to raise the retirement age and raise the maximum amount you can tax. and for the middle class it would turn mortgage into a 12% tax credit. co-author of the plan alan simpson said on cbs' "face the nation" there's no easy way out of this debt problem. >> not a single economist who talked to us in our hearings said we can't grow our way out of this thing if we had double digit growth for 20 years, you can't cut spending out of this. and you can't tax your way out of this baby. this is impossible. >> earlier today i spoke to the other co-author of the simpson-bowles plan, former white house chief of staffer, erskine bowles, co-founder of the fix the debt campaign. good morning, mr. bowles. >> good morning, chuck todd. how are you? >> i'm good. let me start with this. why aren't you for going over the fiscal cliff? i heard you yesterday saying it would be catastrophic, but let me read you estimates. we go over the cliff, we suddenly have -- we're ba
it all adds up to around $4 trillion worth of deficit reduction. the plan also reforms social security to raise the retirement age and raise the maximum amount you can tax. and for the middle class it would turn mortgage into a 12% tax credit. co-author of the plan alan simpson said on cbs' "face the nation" there's no easy way out of this debt problem. >> not a single economist who talked to us in our hearings said we can't grow our way out of this thing if we had double digit...
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Dec 6, 2012
12/12
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then we need to enact a long-term and comprehensive deficit solution. most serious plans recommend about $4 trillion deficit reduction over 10 years to restore fiscal balance. the budget control act banks about 1 billion. bringing our troops home from iraq and afghanistan saves another 800 billion. that's real savings. it should be counted. interest savings provide another 600 billion. there's no reason we can't come together to find at least 2 trillion of additional deficit reduction giving us 24 trillion. this plan will strengthen the economy, put us on stable path forward. and have much ramp up overtime to avoid slowing down the economic recovery. 40% of the long-term growth of federal health programs is due to rising health care costs generally. 40%. 60% is due to americans aging. in fact each and every day 10,000 americans turn 65, every day. 10,000 americans enter medicare, turn 65. as chairman of the finance committee, i have influenced a lot of policies but they can't keep folks from getting older. we need to focus on what we can influence, and
then we need to enact a long-term and comprehensive deficit solution. most serious plans recommend about $4 trillion deficit reduction over 10 years to restore fiscal balance. the budget control act banks about 1 billion. bringing our troops home from iraq and afghanistan saves another 800 billion. that's real savings. it should be counted. interest savings provide another 600 billion. there's no reason we can't come together to find at least 2 trillion of additional deficit reduction giving us...
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Dec 3, 2012
12/12
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you cut taxes, you grow the economy, you reduce the deficit. it almost seems like someone who would have tried to run for president maybe on a line like that. surely republicans could win on that platform unless it didn't win. >> exactly. they've all been quick to distance themselves from mitt romney, except they have presented his plan as their own. i guess maybe it was their plan to begin with in the form of paul ryan, and, you know, look, it's just not going to fly with the american people and the days go on. what i really think, if i were giving them political advice, i think tom cole, a representative among them who is probably one of the smarter political tacticians in their party gave them some advice. let's get this over with. let's not be the party that looks like we're only looking out for the top 2%. but that's really, martin, exactly what they look like. the differences here i think to most americans are fairly small. let's keep taxes low for 98% of americans and lets ask the wealthy to pay a little more but it looks like republican
you cut taxes, you grow the economy, you reduce the deficit. it almost seems like someone who would have tried to run for president maybe on a line like that. surely republicans could win on that platform unless it didn't win. >> exactly. they've all been quick to distance themselves from mitt romney, except they have presented his plan as their own. i guess maybe it was their plan to begin with in the form of paul ryan, and, you know, look, it's just not going to fly with the american...
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Dec 4, 2012
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he does not want to address the deficit. he should be calling for tax rate increases across the board and the elimination of many of the deductions that currently deprive the treasury of quite a bit of revenue. there is a lot of talk about how raising the tax rate for the top tier of newcomers will bring in -- income earners wil bring in like de dollars billion per year. at the same time -- in like $80 billion. the losses from the mortgage rate deduction is on the order of $100 billion per year. i believe president obama really wants to spend more money. spending is so important that he has to call for shared sacrifice across the board rather than targeting a very small portion of the population and asking them to pay all the bills for the programs that he wants to spend on. host: do you agree with the grover norquist tax pledge to not raise taxes? caller: in service of the tax rates? yes, i do. i am also left scratching my head because i believe when the bush tax cuts were put into effect that many democrats oppose those as
he does not want to address the deficit. he should be calling for tax rate increases across the board and the elimination of many of the deductions that currently deprive the treasury of quite a bit of revenue. there is a lot of talk about how raising the tax rate for the top tier of newcomers will bring in -- income earners wil bring in like de dollars billion per year. at the same time -- in like $80 billion. the losses from the mortgage rate deduction is on the order of $100 billion per...
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Dec 4, 2012
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in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the compromise between the two sides and offered it and it's already flatly rejected? >> i think what he might be rejecting, sir, if i may -- >> no, i'm not talking abo about erskine bowles. >> i think what he's saying in his statement, this letter from speaker boehner does not represent his theerly, number one, but i think the line the white house is have been problems with, i believe i found it in page two of the speaker's letter, he says this. notably, the new revenue in the bowles plan would not be a i chiefed through higher taxes, which we continue to oppose and will not agree to in order to protect small businesse
in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the...
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Dec 3, 2012
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so i think what the white house is signaling is that at a minimum, any deficit package has to include this immediate february and march debt ceiling that we're going to hit. >> is jack lew the current chief of staff and former budget director the top candidate to be treasury? what is your best guess? >> he appears to be the frontrunner from everything you see and read and hear and he is a -- i've known him a long time. he's an accomplished guy. he knows these issues perfectly. he has worked in the financial community and has a sense of that and vice versa. and so i think he would be a it terrific choice. >> we should say there are a couple other people who have been rumored to being vetted. roger altman, former treasury official, larry fink, be erskine bowles. this what is alan simpson, erskine bowles' partner in the deficit commission, had to say about that possibility last week on the show. >> he said he would be very pleased to do that. he shared that with me personally, as long as they move the treasury department to north carolina, to charlotte. i don't think -- >> he's worked so
so i think what the white house is signaling is that at a minimum, any deficit package has to include this immediate february and march debt ceiling that we're going to hit. >> is jack lew the current chief of staff and former budget director the top candidate to be treasury? what is your best guess? >> he appears to be the frontrunner from everything you see and read and hear and he is a -- i've known him a long time. he's an accomplished guy. he knows these issues perfectly. he...
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Dec 4, 2012
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when the president and congressional democrats talk about the need for balanced approach, to deficit reduction and dealing with the fiscal cliff, we're talking about fairness. we're talking about making sure that if you work hard and play by the rules everyone has a chance to succeed. that the middle class needs certainly tight right now. speaker pelosi and my colleague congressman tim walls, filed a discharge petition today to take the bill that we have, that has already passed the senate, that grants certainty to the middle class, to take that bill up and make sure that we can extend the middle class tax breaks before the holidays where we can give -- that's what everyone agrees on. i don't know any republican or democrat that thinks we should let those tax rates -- tax cuts for the middle class expire. so we should pass that now. and then on the things that we're having more trouble agreeing on, we should sit down at the table. the one thing i can assure you, the president and democrats in congress, have consistently said, we're not going to do this -- there is no my way or the hi
when the president and congressional democrats talk about the need for balanced approach, to deficit reduction and dealing with the fiscal cliff, we're talking about fairness. we're talking about making sure that if you work hard and play by the rules everyone has a chance to succeed. that the middle class needs certainly tight right now. speaker pelosi and my colleague congressman tim walls, filed a discharge petition today to take the bill that we have, that has already passed the senate,...
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Dec 4, 2012
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well, we're all going to put our heads in the sand and say that entitlement are not the drivers of the deficit. >> you don't think he put enough detail on the entitlements? >> no. >> we'll ask him that when he comes back. our question of the day is how many current senators are named john? any spelling of the name counts. the answer is 12. isakson, kyl, boozman, mccain, tester, thune, reed, and rockefeller. that's not counting the two senators whose last name is johnson. you didn't have to come over! actually, honey, i think i did... oh? you did? whoa, ladies, easy. hi. cascade kitchen counselor. we can help avoid this with cascade complete pacs. see, over time, cascade complete pacs fight film buildup two times better than finish quantum. to help leave glasses sparkling shiny! too bad it doesn't work on windows. okay, i'm outta here. cascade. the clear choice. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forg
well, we're all going to put our heads in the sand and say that entitlement are not the drivers of the deficit. >> you don't think he put enough detail on the entitlements? >> no. >> we'll ask him that when he comes back. our question of the day is how many current senators are named john? any spelling of the name counts. the answer is 12. isakson, kyl, boozman, mccain, tester, thune, reed, and rockefeller. that's not counting the two senators whose last name is johnson. you...
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Dec 9, 2012
12/12
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we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fundamentally not good enough. countries with our level of indebtedness grow more slowly and they have a higher chance of some sort of fiscal crisis. we should not mess with either one of those things. i would like to see an aggressive reform of the spending programs. let's
we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax...
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Dec 10, 2012
12/12
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we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fundamentally not good enough. countries with our level of indebtedness grow more slowly and they have a higher chance of some sort of fiscal crisis. we should not mess with either one of those things. i would like to see an aggressive reform of the spending programs. with
we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax...
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Dec 6, 2012
12/12
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as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the most vulnerable in our country. and, madam president, i don't believe either one of us wants to put those two vital things at risk venal whe. when the budget is so out of rick, we have to take a look at the money coming in and going out of the only way to get back on track is to address both sides of the equation -- revenue and spending. we have to find a balanced solution that combines tough spending cuts with reforms to our tax code that bring in more revenue while also ensuring fairness to taxpayers. there is, madam president, real momentum, i believe
as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the...
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Dec 4, 2012
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governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover norquist pledge which says you cannot tax that 2% more than anybody else. you can't increase the taxes. so we're at a stalemate and someone has to give and i don't see anyone giving right now. >> bank of america today commented on the let's jump crowd. the bungee jump crowd for which they think is a scenario. >> you wonder how much of that is in negotiating position. embraced early on by senator schumer, new york
governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president...
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i thought the deficit was a big rob and want to a measure that helps reduce the deficit help the economy? >> i just don't know. in the capital gains sense i personally think and i think it's also been proven in the past if you lower rates it increases the revenue to the government. we should be focused on revenue generation. >> let's talk about reality because you're somebody who has money and is looking at situations like this. has it changed your behavior on investments, you could make, you would make down the road? >> that's a great question. i would say me personally probably not. but, you know, i just -- when i look at the rest of the world and i look -- i can't understand it and i can't really know why do you think it is, why is there so much cash on the sidelines and earning such a low rate of return as we just saw pointed out? why aren't they investing it into things? what is holding it? i don't know -- >> what's happening at quicken loans, i know it's a privately held company. what are you doing in terms of jobs, in terms of -- >> we are doing really well. we positioned ourselve
i thought the deficit was a big rob and want to a measure that helps reduce the deficit help the economy? >> i just don't know. in the capital gains sense i personally think and i think it's also been proven in the past if you lower rates it increases the revenue to the government. we should be focused on revenue generation. >> let's talk about reality because you're somebody who has money and is looking at situations like this. has it changed your behavior on investments, you could...
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Dec 4, 2012
12/12
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CNNW
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our deficit is $1 trillion. soledad, that's the problem. republicans have put forward budgets, voted for them, willing to be held accountable. democrats have not. president obama has not. >> you won't vote for them. >> nor have any democrats. >> democrats have voted for those budgets and supported those budgets. >> zero to 610 is the vote total of the last three votes on his last three budgets, 0-610. do you think that's a serious proposal? president obama, show us your plan. >> he can't show you a plan he gave you a plan. his plan is not to repeal obamacare. not going to happen. you lost the election, buddy. >> we are out of time. we need to take bob shrum's coffee away, bring everybody back down. we appreciate your time, senator. i love you hashing the numbers with him. he always comes ready to lay it out. >> political reality, it is a very different world than he is laying out. republicans won't consider raising the top rates, it is not your choice anymore. they are going up unless you make a deal that the president accepts. >>> believe
our deficit is $1 trillion. soledad, that's the problem. republicans have put forward budgets, voted for them, willing to be held accountable. democrats have not. president obama has not. >> you won't vote for them. >> nor have any democrats. >> democrats have voted for those budgets and supported those budgets. >> zero to 610 is the vote total of the last three votes on his last three budgets, 0-610. do you think that's a serious proposal? president obama, show us your...
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Dec 10, 2012
12/12
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CNBC
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the deficit's declined in the last three years and tax revenues are rising. spending has been flat for the last two and a half years so the pressure is moving in the right direction. the worry for me is if you raise taxes and cut spending now you're going to knock back growth and prevent that acceleration in revenue. you've got gdp growth up to 3 or 3.5, the revenue implications are enormous. because revenue tends to spike -- >> and nobody believes it. that's the problem. we're into this world where we may spend, and we may even have a pop from government spending. it's never sustained. and all it creates is this huge discussion which underminds business confidence of how we're going to pay for the debt. we have exposed, i think, the achilles heel of keynesian economics. >> i broadly agree with you. in 2008, 2009, i think the fiscal stimulus made a lot of sense. but i think that we're at a point now where the economy is strong enough that we need to get started on the fiscal adjustment. we've got to make sure it's not too many. i'd say something on the order
the deficit's declined in the last three years and tax revenues are rising. spending has been flat for the last two and a half years so the pressure is moving in the right direction. the worry for me is if you raise taxes and cut spending now you're going to knock back growth and prevent that acceleration in revenue. you've got gdp growth up to 3 or 3.5, the revenue implications are enormous. because revenue tends to spike -- >> and nobody believes it. that's the problem. we're into this...
SFGTV2: San Francisco Government Television
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Dec 5, 2012
12/12
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SFGTV2
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our budget, we have a mess, i inherited a budget deficit of $26 billion. we have cut that substantially. from the mortgage meltdown that occurred because of the bad decisions and this behavior throughout our economy, the revenue in california is up 23%. that is a big number. america, the asset values were destroyed, something like $7 trillion. a lot of that was a bubble. that was popped and resulted -- we have had to manage a difficult situation. even before the bubble popping, there was excess. because the money flows in in a regular amounts, when money is good, everybody feels good. when $14 billion came in, they thought they were king of the mountain and spend it. arnold came in to clean it up. a couple years later, he left town and $26 billion this year. this has been the nature for the last decade, kicking the can down the road. not talking straight. the way it is. the way it is, it is a tale of two cities. there is fabulous wealth and link electronics, inc. model number: pdr-885 software version: 3.0c in some places it would be food or shelter or lov
our budget, we have a mess, i inherited a budget deficit of $26 billion. we have cut that substantially. from the mortgage meltdown that occurred because of the bad decisions and this behavior throughout our economy, the revenue in california is up 23%. that is a big number. america, the asset values were destroyed, something like $7 trillion. a lot of that was a bubble. that was popped and resulted -- we have had to manage a difficult situation. even before the bubble popping, there was...
SFGTV2: San Francisco Government Television
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Dec 5, 2012
12/12
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SFGTV2
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this year, we're facing another budget deficit of almost $400 million. fortunately in recent years, we have had some ability to do some one-time budgeting tricks that allow us to balance the budget that do not exist this year. in past years, we've received federal stimulus money. we received more monies from the state government. last year our labor unions decided to contribute a quarter of a billion dollars to help balance last year's and this year's budget. those are things we do not have the ability to avail ourselves of us we balance the upcoming budget in a few months. we are faced with far fewer options. i think we are going to have to continue to look at very deep and difficult cuts. our priorities have to be insuring and protecting the most basic city services and helping to ensure that we have services to the most vulnerable during this great recession. >> what about the city's housing needs? what should the board due to address those needs? >> we are a city that is seventh by 7 miles. we have incredible density. we're the densest neighborhoods
this year, we're facing another budget deficit of almost $400 million. fortunately in recent years, we have had some ability to do some one-time budgeting tricks that allow us to balance the budget that do not exist this year. in past years, we've received federal stimulus money. we received more monies from the state government. last year our labor unions decided to contribute a quarter of a billion dollars to help balance last year's and this year's budget. those are things we do not have the...
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Dec 3, 2012
12/12
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CNNW
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clearly our real dwogoal here io come up with a plan that moves us to the budget deficit and to reduce the debt. we need to deal on the revenue side, many vehicles there, to use, and we also need to deal with the expense side. i think it is crafting a solution on both of those that is going to allow us to find a solution. >> all on the table and hopefully they will work and sort of meet in the middle and find that compromise. let's -- >> actually, this is the enabler for economic development in the united states. this is absolutely important we do this. >> i want to ask you about that, in just a moment. let's talk cars. i know you are relaunching the lincoln -- >> please. >> yes, we will. the lincoln brand, making it part of the lincoln motor company, buying a super bowl ad, putting lincoln in the commercials. when you look at this new car, i have to be honest, this is not my grandfather's lincoln. >> there you go. >> this is a new lincoln. was that the point? >> absolutely. and it is just -- it is absolutely the main point because, you know, the lincoln motor company has been associat
clearly our real dwogoal here io come up with a plan that moves us to the budget deficit and to reduce the debt. we need to deal on the revenue side, many vehicles there, to use, and we also need to deal with the expense side. i think it is crafting a solution on both of those that is going to allow us to find a solution. >> all on the table and hopefully they will work and sort of meet in the middle and find that compromise. let's -- >> actually, this is the enabler for economic...
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Dec 8, 2012
12/12
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FOXNEWSW
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they think it won't lead to serious deficit reduction. the president is talking about a fairness issue. since the republicans aren't engaging on that, he is winning. >> so what about raising taxes? president obama is standing firm on his position to raise taxes on the nation's top earners. how do people feel about that? joy they like that idea. -- >> they like that idea. 52% want a caned de who agrees. and the republicans are struggling with the opposition to all tax increase position. i think the most telling number is that a majority of americans want taxes to go up on the americans and one in five think it is too much to reduce the deficit. they reduce the tax hikes not for deficit reduction, but because it is the best thing to do. >> at a time when the american public is sort of expecting the deficits to get cut, the president comes out with his offer and he wants next year $50 billion in new stimulus spending. how do voters feel about additional spending? >> they think it is nuts. only money teen% think it is a good idea to reduce sp
they think it won't lead to serious deficit reduction. the president is talking about a fairness issue. since the republicans aren't engaging on that, he is winning. >> so what about raising taxes? president obama is standing firm on his position to raise taxes on the nation's top earners. how do people feel about that? joy they like that idea. -- >> they like that idea. 52% want a caned de who agrees. and the republicans are struggling with the opposition to all tax increase...
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Dec 10, 2012
12/12
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KBCW
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trying to find a deficit cutting deal to stop the combination of automatic tax increases and spending cuts scheduled to kick in at the beginning of the year. >>> former south african president nelson mandela is nit hospital tonight. those around him are giving few detailed investigation. the 94-year-old hero had been admitted to a military hospital for tests and as he was, "comfortable." a report says that he is no longer speaking. delegation of the leaders visit the hospital today. he became south africa's first black president in 1994. >>> well an unexpected find in san francisco's bay is stirring some excitement. signs of the marine life in the water's off of vallejo were one particular ball. it has been spotted in more than a century. cbs 5 reporter with this fine and what it could mean. >> reporter: the city of vallejo was dredging the public marina when they dug something up. something no one expected. something odd said the marina manager. >> i've been here for 2 -- 23 years. >> reporter: the california oysters, although small and not too many, they are sensitive to quality. fo
trying to find a deficit cutting deal to stop the combination of automatic tax increases and spending cuts scheduled to kick in at the beginning of the year. >>> former south african president nelson mandela is nit hospital tonight. those around him are giving few detailed investigation. the 94-year-old hero had been admitted to a military hospital for tests and as he was, "comfortable." a report says that he is no longer speaking. delegation of the leaders visit the hospital...
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Dec 7, 2012
12/12
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KRCB
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captioning sponsored by macneil/lehrer productions >> brown: with no compromise in sight for a deficit deal, president obama pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare. >> brown: then, margaret warner looks at the political strife in egypt, after deadly clashes in the streets and resignations by top officials. >> woodruff: we have a battleground dispatch from a coastal city facing rising sea levels and the next big storm. >> if sandy were to come close r directly into norfolk i think we'd all be in big trouble. >> brown: we assess the latest diplomatic moves to end syria's war, as secretary of state hillary clinton meets with russia's foreign minister. >> woodruff: and ray suarez has the story of a program that aims to put students at low-achieving schools on a path to high school graduati
captioning sponsored by macneil/lehrer productions >> brown: with no compromise in sight for a deficit deal, president obama pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare....
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Dec 9, 2012
12/12
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FOXNEWSW
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how do we get a handle on the growing $16 trillion deficit? coming up next, tim murphy of pennsylvania will be here to tell us what else the nation needs to do to get our economic house in order. have you heard about that tragic situation, josh brent, cowboys defensive lineman? he faces cter a car crash that killed one of his teammates? that's straight ahead. >> it's really unfortunate that that happened, making an everyday decision that can affect everything everybody's life. >> i am sure it will be difficult to move on. but i am sure they will bounce back and be able to come around. s my husband and i can't stop eating 'em! what's...that... on your head? can curlers! tomato basil, potato with bacon... we've got a lot of empty cans. [ male announcer ] progresso. you gotta taste this soup. >> jamie: another sad story out of the,r of the nfl. a member of the dallas cowboys is facing manslaughter. josh brent was allegedly drunk and speeding during a car accident saturday morning that led to the death of his passenger and teammate jerry brown. ca
how do we get a handle on the growing $16 trillion deficit? coming up next, tim murphy of pennsylvania will be here to tell us what else the nation needs to do to get our economic house in order. have you heard about that tragic situation, josh brent, cowboys defensive lineman? he faces cter a car crash that killed one of his teammates? that's straight ahead. >> it's really unfortunate that that happened, making an everyday decision that can affect everything everybody's life. >> i...
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and that social security has nothing to do with the deficit. it is solvent and until 2037. medicare is solvent until 2024. you think where we're at, i know as i listen then the question would the republicans get anything, i don't even want to use the word conceding coming together on behalf of the american people where 62% believe on november 6th when the race was over the vote was really on whether or not should be a fair tax burden on those --. melissa: i'll give that to you. let's go ahead and raise taxes. say we do that. that doesn't get us close to solving the problem. i mean we still have $16.3 trillion in debt. we are still running $4 billion a day beyond what we're making. we this huge problem in this country. if it was a house you would throw uppyour arms in distress say, my god, we can never pay all these bills. that is sort of the point. >> i'm not in distress on that. first of all with the tax rrlief for 98% of the americans, we'll turn a reasoned amount of a trillion upwards back into the treasury. that is the first step. secondarily, a lot of economists will m
and that social security has nothing to do with the deficit. it is solvent and until 2037. medicare is solvent until 2024. you think where we're at, i know as i listen then the question would the republicans get anything, i don't even want to use the word conceding coming together on behalf of the american people where 62% believe on november 6th when the race was over the vote was really on whether or not should be a fair tax burden on those --. melissa: i'll give that to you. let's go ahead...
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Dec 10, 2012
12/12
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WUSA
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if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will hpen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it the most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. >>> rg3 knows about these king of injuries. >> yes, the same knee in 2009 at baylor. he was saying today when they asked him about the injury, how bad to you think it is? before the mri. he said he had an acl injury before and it does not feel like that acl. he ended up being right, which is great news. he's been there before and he had to play with it before and it was just a cringe worthy moment though. you know it's been debated all week long, is this redskins ravens game really a rivalry? well no matter what side you're on, that argument, this game is one for bragging rights. more so on the line, the playoff. the ravens, they had a chance to clinch the division. redskins are just looking
if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will hpen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it the most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. >>> rg3 knows about these king of injuries. >> yes, the same knee in 2009 at...
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Dec 5, 2012
12/12
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MSNBCW
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does it reduce the deficit? >> joining me now is senator sherrod brown. senator, good to have you with us tonight. your comments on what nancy pelosi has to say about revenue. >> she's right. you look at a little history in the 1990s. the upper one or 2 or 5% were paying more in taxes. just a little bit more. we had 21 million private sector job creation, net job creation. when george bush cut taxes on the wealthy in 2001 and 2003, we've had no real job growth and no wage growth during this past decade. we're finally now after ten straight years of manufacturing job decline hitting places like toledo and cleveland and cincinnati particularly hard, we're seeing now in the last two years after the auto rescue, after we're doing some of the right things here, we're seeing job growth. i agree with what nancy pelosi said. history improves itself. >> so based on history, this is about math and not ideology. the sense i get on the hill today, if you don't get the rate increase, you can forget everything else. >> we have seen in this country a decline in infrastr
does it reduce the deficit? >> joining me now is senator sherrod brown. senator, good to have you with us tonight. your comments on what nancy pelosi has to say about revenue. >> she's right. you look at a little history in the 1990s. the upper one or 2 or 5% were paying more in taxes. just a little bit more. we had 21 million private sector job creation, net job creation. when george bush cut taxes on the wealthy in 2001 and 2003, we've had no real job growth and no wage growth...
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Dec 10, 2012
12/12
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KPIX
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. >> reporter: the aarp says the real solution to cutting the deficit is lowers skyrocketing health care costs. in washington, danielle nottingham, cbs 5. >>> a hopeful sign for the economy, today is expected to be the biggest shipping day of the year for fedex. the world's second largest delivery company expected to handle a record 19 million packages today alone, about 200 packages every second. fedex hired 20,000 extra worker, too, for the busy holiday season. >> all hands on deck. we are all here until christmas we will have everywhere here. we go through a blackout period where all the employees are here at work and get it done. >> a rise in online sales may be behind the shipping frenzy. retailers reported a 17% jury in online order this is season over -- jump in online orders this season over last year. >>> this is whole new way of treating cancer. >> still ahead, an experimental new treatment is showing signs it may be able to cure cancer. how it works without chemo, raid congratulations united nations or surge -- radiation or surgery. we will tell you about that next. >>> and a
. >> reporter: the aarp says the real solution to cutting the deficit is lowers skyrocketing health care costs. in washington, danielle nottingham, cbs 5. >>> a hopeful sign for the economy, today is expected to be the biggest shipping day of the year for fedex. the world's second largest delivery company expected to handle a record 19 million packages today alone, about 200 packages every second. fedex hired 20,000 extra worker, too, for the busy holiday season. >> all...
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Dec 8, 2012
12/12
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FOXNEWSW
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. >> republicans frequently argue it is critical to get a handle on the nation's deficits before the u.s. becomes like greece. there a terrible economy with 26% unemployment, the highest in europe, and almost no job opportunities for young people frequently lead to riots in the streets. now here a leading democrat is suggesting cutting spending too quick -- too quickly is the real problem. >> the community is concerned about all of their as you teary too. there are many things you can do to reduce debt, but still have a a -- an aspect of the economy. >> some say europe's austerity is a drag on economic growth because it relies on taxation while failing to rein in the expansion of government. and that would seem to back up a republican theme in this fiscal cliff argument. >> if we raise taxes on the top two rates which is about a million small businesses who employ 25% of the workforce, it will cost us over 700,000 jobs and reduce economic growth and lower take home pay. that's a bad scenario. >> the lead negotiator on the republican side of the table facing mr. obama says raising tax
. >> republicans frequently argue it is critical to get a handle on the nation's deficits before the u.s. becomes like greece. there a terrible economy with 26% unemployment, the highest in europe, and almost no job opportunities for young people frequently lead to riots in the streets. now here a leading democrat is suggesting cutting spending too quick -- too quickly is the real problem. >> the community is concerned about all of their as you teary too. there are many things you...